Wednesday , August 23 2017
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Belgium new European buyer of Iran’s petchem products

Iran Belgium

TEHRAN/BRUSSELS: Iran started exports of its petchem products to Belgium since the beginning of the present Iranian calendar year (started on March 21, 2017), local media reported on Monday. Quoting the Managing Director of Mahabad Petrochemical Complex (MAPC) Mohsen Majidi as saying, the report confirmed that as of the said time, MAPC has exported 90,000 tons of its products, worth ... Read More »

Belgium’s pig production drops to historic low


BRUSSELS: The number of pigs reared in Belgium dropped to 6.8 million last year, its lowest level in three decades, according to farm statistics from the Federal Public Service for Economy (SPF Economy).On the other hand, the number of chickens increased by 14%, reaching an all-time high. Investors are pumping more and more money into poultry and increasingly less into ... Read More »

Belgium lost over €221b to tax havens in 2016

tax haven

BRUSSELS: Belgian companies transferred more than 221 billion euros to offshore tax havens in 2016, Le Soir, an evening newspaper, reported on Monday, citing Belgium’s Federal Public Service – Finance department’s statistics on declarations of payments to banks in these countries. Under Belgian tax laws, all companies are obliged to declare such transactions when they send over 100,000 euros per ... Read More »

Biggest banks in Denmark face $15b Basel Capital Bill


COPENHAGEN: Denmark’s five biggest banks face as much as $15 billion in new capital requirements under proposed changes to global banking rules, according to an expert panel created by the government. Danske Bank A/S the country’s biggest financial group, and others will together see their capital requirements rise 27-39 percent, equivalent to 64-92 billion kroner ($15 billion), the panel said ... Read More »

Google’s Belgian unit in tax probe


BRUSSELS: Google’s Belgian unit faces a tax probe, a report said Wednesday, after the US internet giant had to cough up hundreds of millions of euros in back taxes in Britain and Italy. Many US and other multinational companies channel their European profits through low-tax jurisdictions such as Ireland to avoid massive bills running potentially into the billions. Le Soir ... Read More »

Belgian police arrest two unlicensed Bitcoin exchange operators


BRUSSELS: The Belgian police have arrested two Belgian brothers who are allegedly involved in a large-scale unlicensed Bitcoin exchange operation. The brothers’ team called Zhao Dong 1982 on LocalBitcoins had been collecting very high commissions for Bitcoin sale transactions. The police have reportedly seized a total of €400,000, including nearly €100,000 in cash that was discovered hidden behind a spare ... Read More »

ING Belgium’s profit falls to €335m

ING Bank Belgium logo

BRUSSELS: ING Belgium, which includes ING Luxembourg, had a pre-tax profit of €335 million in the second quarter, down from €512 million in the same period of 2016. Executives said on Wednesday the bank had to pay €177 million over a dispute involving its Luxembourg subsidiary that it lost in that country’s courts. They will appeal the verdict. The bank’s ... Read More »

Belgium economic growth slows in Q2

Red arrow - down - low - slow - falls - slips

BRUSSELS: Beligum’s economic growth slowed in the second quarter after improving in the first three months of the year, preliminary figures from the National Bank of Belgium showed. Gross domestic product grew 0.4 percent from the previous quarter, when the economy expanded 0.6 percent. In the final three months of 2016, the economy grew 0.6 percent. On a year-on-year basis, ... Read More »

Belgium, France advised to end tax exemptions for ports


BRUSSELS: The European Commission has told France and Belgium that they must abolish tax exemptions granted to their ports to comply with EU state aid rules. 28 Jul 2017 Profits by port operators must be taxed under normal national corporate tax laws to avoid distorting competition, the Commission said. Most French ports, including the 11 “grands ports maritimes” of Bordeaux, ... Read More »

Orange Belgium ARPU grows despite EU abolishing roaming

Orange Belgium

BRUSSELS: Belgian telecomunications group Orange Belgium on Wednesday reported a 3.5 percent increase in second-quarter blended average revenue per user (ARPU), despite the new roaming regulation from the European Union and declining SMS traffic. “This increase in ARPU is achieved thanks to a more favourable customer mix between postpaid and prepaid and a sustained increase of the postpaid ARPU,” the ... Read More »

EU agrees to allow in more Ukraine exports for 3 years


BRUSSELS: EU foreign ministers approved on Monday measures to allow Ukraine to export more industrial and agricultural products free of tariffs to the bloc in recognition of reforms undertaken by Kiev and the country’s fragile economy. By the end of September, Ukraine will be able to export greater tonnage of farm products, including grains, honey and processed tomatoes for three ... Read More »

Inauguration of trade route between Peru and Belgium


BRUSSELS: Pisco is now connected with Belgium. The Seatrade company celebrated, at the port terminal San Martín (better known as the port of Pisco), the opening of the Meridian Service, a new commercial route connecting the port terminal of San Martín, in Pisco, with the port of Zeebrugge in Belgium. For now, the route will be used to export agricultural ... Read More »

Belgium polished diamond exports decline

Belgium’s polished diamonds

BRUSSELS: Polished exports fell 12% year on year to $1 billion during the month, with imports also down 12% to $1.08 billion. Net polished exports stood at negative $73.3 million versus negative $84.3 million a year ago as Belgium exported a lower value of polished diamonds than it imported. By volume, polished exports fell 8% to 460,201 carats. The average ... Read More »

Belgian port to help boost petrochemical exports

antwerp ports

ANTWERP/TEHRAN: A delegation of Iranian petrochemical experts explored grounds for cooperation on the export of Iranian petrochemicals in a meeting with the head of Antwerp Port in Belgium. In the meeting attended by Frank Geerkens and Marzieh Shahdaei, the head of National Petrochemical Company, the two sides discussed expanding bilateral collaboration in health, safety and environment (HSE) training as well ... Read More »

Belgian Port to help boost petrochemical exports

port of antwerp

BRUSSELS: A delegation of Iranian petrochemical experts explored grounds for cooperation on the export of Iranian petrochemicals in a meeting with the head of Antwerp Port in Belgium. In the meeting attended by Frank Geerkens and Marzieh Shahdaei, the head of National Petrochemical Company, the two sides discussed expanding bilateral collaboration in health, safety and environment (HSE) training as well ... Read More »

Belgium stocks higher at close of trade; BEL 20 up 1.22%


BRUSELS: Belgium stocks were higher after the close on Monday, as gains in the Basic Materials, Financials and Utilities sectors led shares higher. At the close in Brussels, the BEL 20 added 1.22%. The best performers of the session on the BEL 20 were ING Groep NV (AS:INGA), which rose 2.48% or 0.375 points to trade at 15.475 at the ... Read More »

Belgian Customs fines UK sailor €500 for red diesel

Belgium Customs Official

BRUSSELS: The RYA says it has received reports of a sailor being fined €500 after traces of red diesel were found in his yacht’s fuel tank. The RYA is asking anyone who has been fined in Belgium for having red diesel in their boat’s fuel tank to contact them. It comes after the association received reports that one sailor was ... Read More »

Belgium consumer confidence index falls in June


BRUSSELS: Belgium’s consumer confidence index fell in June as households became less confident about the labour market and their ability to save, the central bank said on Tuesday. The index dropped to -2 points in June from zero in May. June 2017 May 2017 June 2016 Belgian economy 4 3 -11 Unemployment 8 6 12 Household finances -1 -1 -2 ... Read More »

Belgian government refuses to end tax avoidance mechanism

tax avoidance

BRUSSELS: The Belgian Minister for Finance, Johan Van Overtveldt (New Flemish Alliance), is refusing to tackle so-called “hybrid mechanisms”. These tax-efficient structures are frequently used by multi-nationals. The measure now comprises part of series of proposals within a multilateral agreement, instigated by the Organisation for Economic Cooperation and Development (OECD). Belgium has expressed reservations about this. De Standaard reported that ... Read More »

Belgian polished diamond exports edge up in May, down in Jan-May

polished diamonds

BRUSSELS: Belgium’s polished diamond exports edged up 1.4 percent on the year to $1.12 billion in May, the Antwerp World Diamond Centre (AWDC) reported. However polished exports in the first five months of this year were down 8.7 percent to almost $5.01 billion Meanwhile, exports of rough stones were down 2.9 percent to $1.24 billion in May. For the January-May ... Read More »